Papa John's sinks 15% on report Apollo withdrew its offer to take chain private

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Shares of Papa John's

sank 15% on Tuesday following a report that Apollo Global

has withdrawn its offer to take the pizza chain private.

Reuters reported that the private equity firm backtracked on its bid, valued at $64 a share, about a week ago. The firm previously submitted an offer for Papa John's alongside Irth Capital Management, according to Reuters.